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Note 9 - Earnings Per Common Share | 9 Months Ended
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Jun. 27, 2021
Notes to Financial Statements |
Earnings Per Share [Text Block] |
9 | EARNINGS PER COMMON SHARE
The following table sets forth the computation of basic and diluted earnings per common share as adjusted to give effect to the reverse stock split:
|  | 13 Weeks Ended |  |  | 39 Weeks Ended |
|  | June 27, |  |  | June 28, |  |  | June 27, |  |  | June 28, |
(Thousands of Dollars and Shares, Except Per Share Data) |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Income (loss) attributable to Lee Enterprises, Incorporated: |  |  | 3,227 |  |  |  | (1,275 | ) |  |  | 17,995 |  |  |  | (1,320 | )
Weighted average common shares |  |  | 5,881 |  |  |  | 5,820 |  |  |  | 5,867 |  |  |  | 5,823 |
Less weighted average restricted Common Stock |  |  | (156 | ) |  |  | (156 | ) |  |  | (155 | ) |  |  | (153 | )
Basic average common shares |  |  | 5,725 |  |  |  | 5,664 |  |  |  | 5,712 |  |  |  | 5,670 |
Dilutive stock options and restricted Common Stock |  |  | 123 |  |  |  | — |  |  |  | 102 |  |  |  | — |
Diluted average common shares |  |  | 5,848 |  |  |  | 5,664 |  |  |  | 5,814 |  |  |  | 5,670 |
Earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 0.56 |  |  |  | (0.23 | ) |  |  | 3.15 |  |  |  | (0.23 | )
Diluted |  |  | 0.55 |  |  |  | (0.23 | ) |  |  | 3.10 |  |  |  | (0.23 | )
For the 13 and 39 weeks ended June 27, 2021, 600,000 shares were not considered in the computation of diluted earnings per common share because the exercise prices of the related stock options and Warrants were in excess of the fair market value of our Common Stock. For the 13 and 39 weeks ended June 28, 2020, 813,497 and 737,200 shares, respectively, were not considered in the computation of diluted earnings per common share because the Company recorded net losses. Prior period results have been adjusted to reflect the one-for-ten reverse stock split in March 2021. See Note 1 for details.

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